Given the extensive economic restructuring that has left many local and mainland firms struggling, the gloom and despair that preceded National Day's "golden week" was to be expected.

Fortunately, it appears that some industries continued to benefit from the holiday, although perhaps not as much as previously.

Although there is still room for cautious optimism, much more work needs to be done before the city can successfully navigate the difficult times ahead.

During the first five days of the week-long autumn break, nearly a million people from the mainland crossed the border, a 35 percent increase from the same period the previous year. The data refutes earlier poll conclusions that the city is no longer a popular destination for people living on the mainland.

During that time, a hotel chain saw a 1% increase in occupancy to 97% and 94% at its two locations, with 10% less expensive rooms than the previous year. Separately, it is said that a number of government and corporate sector promotion campaigns have increased restaurant receipts by 10 to 15 percent.

On the mainland, solid inbound and outgoing travel statistics were also noted. According to reports, movie ticket sales increased by 15% from the previous year to 494 million yuan (HK$544 million) on the first day. However, by the third day, those proceeds surpassed 1 billion yuan.

Beijing's economic stimulus program led to increased property sales and a boost in property sales during the national holiday. However, long-term benefits to enterprises and society remain uncertain. Despite low hotel bookings during the golden week, there was a surge in bookings for later dates.

Some local industry leaders have expressed confidence that the upturn will carry on into December. Whether this will be the case remains to be seen.

Christmas is not a holiday in Hong Kong, and the next business surge may occur during the Lunar New Year break. Hong Kong businesses cannot rely on seasonal booms, especially as locals head north for entertainment and shopping. Failure to adapt to changing consumption patterns and economic restructuring will result in losses.